As if 2013 wasn’t challenging enough for old style chartists, it seems that lately some completely insane trades or calculations have been taking place that utterly screw the charts up. In just the past twenty-four hours, two of the most followed items in financial markets have complete barfage within their otherwise sensible tape action. Bonds had some huge-volume, weird-ass trade on Sunday:
And the Russell opened up about 6% (which delighted naive observers everywhere) that, after a little while, was realigned with reality.
I hope to God that at least the $RUT gets fixed, because otherwise it pretty much wrecks the chart. There are plenty of stocks I do not trade based on nothing more than the “flash crash” errors on the chart (showing they were valued at one penny at the low of the day), because I don’t have a way of suppressing the spike. Feh.
